Over the last 5 or six years …Papaya Global Covid… functions on the supplier side and likewise on the vendor side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely very dreary and I wish I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why business keep separate
Virtual payroll accounts are an option to traditional savings account for managing payroll payments. This is especially beneficial for worldwide organizations with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of keeping different checking account for payroll in different countries, virtual accounts and digital wallets provide a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a tactical possession for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently safely and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies accurately forecast their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in sufficient in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of reasons most significantly regulations compliance information security and banking rules then there are the sheer numbers they include further complexity the global Workforce is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing worldwide in the conventional payroll design there’s typically a frustrating variety of different systems resulting in lengthy manual processes and silos the number of Combinations could be non-existent in big quantities and or really really basic there’s no real consistency framework we’re residing in a period of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind whenever I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather frankly the more an organization invests in global payroll the less of an image they see a lack of visibility also reaches payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international companies have revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes badly interacted hires and terminations as well as absence management and system configurations and after that when you round all of it off and the data is shipped to the wrong place the typical cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments do not run smoothly if they depend on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties organization face when they’re paying to staff members or otherwise that’s a good concern I constantly toss this back and state what is it what doesn’t require to be included right and what does
it require to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity any place you look ideal eventually developing a knowledge base is definitely crucial however all over you look with payroll payment they are like very payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is permitting us to sort of progress with that it likewise as well to contribute to that payroll and financing need to work closer together um with differing Checking account Details varying banking requirements and setup procedures is definitely important that payroll and finance groups work more detailed together than ever um I’m always astonished when individuals say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high value on well-being and the compensation landscape is becoming increasingly intricate. Businesses are continually introducing new advantages and payment choices, which adds to the overall complexity. Big corporations typically divide their payroll and payment processing into separate groups, which can result in inadequacies and bottlenecks. In my opinion, this does not have to be the case. In today’s highly innovative age, there’s no validation for preserving troublesome treatments. Payroll, the company’s most significant expense, need to be processed properly and on time. Even small hold-ups can negatively affect workers’ wellness and have significant effects. For that reason, it’s critical to prioritize accurate and prompt payments.
The payroll group may not have been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people just notice when things fail. However, when things go right, it’s seen as just a routine task. This is how it’s perceived externally also. For that reason, it is important to guarantee that tasks like Wi-Fi Global and other important matters are done correctly. Using the very first Global Payments first payroll payment solution is a terrific preliminary action towards offering an extensive payroll solution for employees worldwide. Standardization, worldwide processes, and minimizing the variety of tools, platforms, and savings account essential for global payroll are key factors in achieving business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of problems when things do not go as planned. Ultimately, we don’t do it for the appreciation.
anyhow we understand how how crucial a role it is which’s why we do it that’s why we get on with it and this is why we’re talking today about making it as simple as possible for everyone that’s associated with those procedures and likewise so think of sorry I’m just I was simply gon na say picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions picture getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting job attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and in fact see what was going on and sort of try to get back to everybody so moving on appearance why do business select to main separate bank accounts there are Papaya Global Covid services out there doing exactly this for specific nations and I have actually operated in an organization or lots of services doing precisely that I can state it does not always feel effective and it does develop more work I know we’re not intentionally doing that we’re not creating additional work for anyone where we don’t need to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the requirement I think people have got so utilized to we require a new checking account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have actually embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and lots of other ways um to to type of do it so I think there’s a range I believe this is a process that needs taking a look at it needs changing however eventually individuals are really stuck to what they’re familiar
with best um change is a challenging thing we all do not like modification um so I believe it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having preserving several checking account however there’s a huge amount of intricacy chooses setting up a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for private individuals so the complexity is huge but I believe the sincere answer is change um individuals haven’t had the ability to change or haven’t had always the knowledge to really make that change into alternate Solutions besides opening a bank account I think you’ve struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter but we’ve constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what might almost be identified to be the next Century or so there is a lot to track and this approach does position several obstacles um so Johnny could you tell us about those obstacles yeah of course so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this improved capability, I have actually successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Covid